Unlocking the Value and ROI of Data Governance Initiatives in Finance Organizations

The Finance organization initially recognized the need for enterprise-wide data governance as it began to transform the Finance function overall. Finance engaged IT and other parts of the enterprise to build and drive an integrated approach to Data Governance. This holistic approach had the common objective of driving business value through improved data quality and data governance.

A specific group was created to ensure the delivery of trusted data to business processes, transparency in the movement of data, and accountability for the use and management of Finance data. This group served as a change agent and helped drive the enterprise towards improved benchmarks in data management across definitions, sourcing, use, accountability, communication and quality. A critical aspect was compliance, and the Data Governance group put a key focus on this area to ensure success. Real results were achieved in efficiency, streamlining of processes, elimination of reconciliation activities, and increased data quality for decision-support.

Business value metrics were established across the data life cycle and were used to drive support to fund initiatives and monitor their value. Improved data governance processes within the Finance function contributed to efforts to achieve corporate goals.

Critical Success Factors covered in this presentation include:

Establishment of communication channels between Finance Data Governance, Finance Operations, and Technology.
The effective Chief Data Officer.
Collaboration between Finance PMO, Enterprise Data (IT) and Change Management functions.
Clearly articulated and measurable business value.

Fred Hargrove is a Managing Director at MorganFranklin Consulting. Fred is responsible for business development and delivery around data management and business intelligence services. Prior to joining MorganFranklin Consulting, he was a principal consultant in IBM’s Business Consulting Services (formally PwC Consulting) Financial Management Solutions Practice. Fred has held many roles including external and internal auditor, system analyst, business and process analyst, business intelligence tool developer and project manager. This experience helps Fred approach a variety of projects from multiple perspectives.

Geoff Harkness, Managing Director, Information Management & Technology, MorganFranklin Consulting Geoff is a highly experienced management and technology consulting executive with a track record of successfully planning and delivering high return-on-investment (ROI) projects and transformational solutions. These solutions have included a wide range of enterprise information management, enterprise risk management (ERM) and enterprise resource planning (ERP) applications and other enabling technologies. He is consistently recognized by clients for improving organizational effectiveness and efficiency through leadership that aligns the business processes, data strategies and IT infrastructure to realize cost savings, accelerate performance, reduce risk and sustain strategic flexibility. He has led complex projects across the commercial, government and nonprofit sectors including organizations that specialize in financial services, healthcare, education, manufacturing, and technology.